IFRS 17 - Technical aspects
IFRS 17 has fundamentally changed the accounting requirements for insurers.
Two years of reporting post-transition have helped deepen the understanding of the specificities of the new measurement models and accounting principles. For many insurers, the initial IFRS 17 reporting challenges have been addressed, although some tactical workarounds are still required. Successful adoptions have been driven by effective use of data and technology, supported by strong collaboration between actuarial and finance teams.
This course is a continuation of the 'Insurance contract - IFRS 17 - Foundation' module on IFRS 17 concepts. It provides in-depth materials on the practical implementation of IFRS 17 for typical insurance products. Examples will be discussed and walked through in Excel, and the impacts on key reporting figures will be illustrated using a set of stress scenarios.
In order to complement your learning journey, please discover our Insurance curriculum and IFRS curriculum.
Duration: 2h
Language: Available in English and French. The supporting material is only available in English.
Number of participants: up to 15
Available as intra-company course (i.e. dedicated session on demand)
Course content can be customised on demand under specific conditions.
Objectives
By the end of this training, participants will be able to understand how to implement the key IFRS 17 concepts by creating cash flow models and illustrative accounts for insurance products, specifically:
- Mechanics of opening CSM calculation
- Patterns of components of revenue release (CSM, RA, BEL)
- Illustration of operating experience — scenarios where actual experience deviates from assumptions, and the resulting impacts on underwriting results
- Changes in operating assumptions and their impacts on IFRS 17 figures
- VFA model vs GMM model for 'investment' like products - how to manage volatility
Content
- Understanding the measurement models
- Highlight on potential operational challenges
- Key financial effects to be aware of
- Practical illustration of IFRS 17 modelling and accounting
- Post implementation observations and lessons learnt
Target audience
- Actuaries
- Accountants
- Reporting teams who are looking for more in depth education around IFRS 17 implementation
Our lead experts
This training is coordinated by Pavel Kostyuchenko and will be supported by other experts of PwC Luxembourg daily involved in the implementation of the IFRS for insurers.
Pavel is an actuarial partner at PwC Luxembourg and has a wealth of experience in IFRS 17 implementation projects, including gap analysis, financial impact assessment, accounting advice, etc.
